get ready for taxes
#23
Re: get ready for taxes
100 exempt food items plus education, healthcare and bicycles. Yup, the mamils will be happy.
Also UAE Minister of Finance Obaid Humaid Al Tayer has publicly stated that the UAE government is not considering income tax.
Yet.
Also UAE Minister of Finance Obaid Humaid Al Tayer has publicly stated that the UAE government is not considering income tax.
Yet.
#24
Just Joined
Joined: Feb 2016
Posts: 1
Re: get ready for taxes
Apologies for the thread. I have been trying to read up and work it out myself, but seems quite complex. I have been offered a job in Bahrain, starting in April '16 and plan to work until January 2018. I understand that there is no tax obligations for the 2016/2017 tax year as say, but for the 2017/2018 tax year I have a few queries. I will be home in the UK for 3 months of that tax year, I do not plan on taking any holidays back that total over 10 days in that year, I have no children or home in the UK, but I will start working on my return. Is anyone able to provide any feedback into how the Split year tax option works in my case. Will I be hit for the tax on the entire year? Any help would be muchly appreciated?
#26
Soupy twist
Joined: Dec 2004
Posts: 2,271
Re: get ready for taxes
On a related note, a friend who works in property analysis and jets between London and the UAE fairly regularly says he had to attend a seminar recently about the planned introduction of 100% foreign ownership for all businesses in Dubai, not just those in free zones. It's tied in with the introduction of corporation tax for non-FZ businesses, which will eventually be extended to the FZs too.
#27
Re: get ready for taxes
Apologies for the thread. I have been trying to read up and work it out myself, but seems quite complex. I have been offered a job in Bahrain, starting in April '16 and plan to work until January 2018. I understand that there is no tax obligations for the 2016/2017 tax year as say, but for the 2017/2018 tax year I have a few queries. I will be home in the UK for 3 months of that tax year, I do not plan on taking any holidays back that total over 10 days in that year, I have no children or home in the UK, but I will start working on my return. Is anyone able to provide any feedback into how the Split year tax option works in my case. Will I be hit for the tax on the entire year? Any help would be muchly appreciated?
It's a split year concession, not an option.
The rules for the Statutory Resident Test are what apply. The number of connection factors affect the days you can spend in the UK, but if we assume you spend no more than 90 days of the 2017/18 tax year in the UK then your overseas income will not be liable for UK tax. Any income you receive, arising in the UK, upon your return will be taxable.
This is still current: Information on the new UK Statutory Residency Test | Financial Planning in the UAE